Here’s a little secret: Companies that thrive during times of disruption leverage the power of business networks. These networks are easy-to-join, and they provide a technology infrastructure in which buyers collaborate with suppliers; suppliers collaborate with customers; shippers collaborate with carriers and service providers; and asset operators collaborate with OEMs and service providers.
Did you notice I used the plural in each use case? Business networks have elevated us from the one-to-one scenarios of the past, enabling businesses to collaborate with many partners quickly and efficiently. Supply chain, procurement, logistics, and asset management processes can work across organizations, making them more collaborative, transparent, and resilient.
In times of disruption, organizations that leverage business networks are more agile. They are also better equipped to find alternate forms of supply, solutions, and transportation by collaborating with a network of partners. And when it’s not possible to gain access to the supply they need, sourcing, procurement, and supply chain teams are equipped to identify new suppliers and start doing business with them quickly.
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